2.5 Per Household

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On average, up and down the Front Range, there are 2.5 people living in each household.

This is an important number to know as you read the stories about census data and population growth.

Obviously, as population grows, housing needs also grow.

For every 100 people added to the population, there needs to be 40 more housing units to accommodate those people.

Those housing units come in all shapes and sizes of course.  Some are for sale and some are for rent.

The projection is that by 2040, Northern Colorado (Larimer and Weld Counties) will have 1,000,000 people which is 300,000 more than today.

So, Northern Colorado needs a total of 120,000 more housing units or 7,000 per year.

Metro Denver will grow by 500,000 people in that same time frame and will need 200,000 more housing units or 12,000 per year.

Big population growth means big growth for housing.

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2.5 Per Household

/in , , , , /by

On average, up and down the Front Range, there are 2.5 people living in each household.

This is an important number to know as you read the stories about census data and population growth.

Obviously, as population grows, housing needs also grow.

For every 100 people added to the population, there needs to be 40 more housing units to accommodate those people.

Those housing units come in all shapes and sizes of course.  Some are for sale and some are for rent.

The projection is that by 2040, Northern Colorado (Larimer and Weld Counties) will have 1,000,000 people which is 300,000 more than today.

So, Northern Colorado needs a total of 120,000 more housing units or 7,000 per year.

Metro Denver will grow by 500,000 people in that same time frame and will need 200,000 more housing units or 12,000 per year.

Big population growth means big growth for housing.

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Population Math

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The brand new Census data has just been released and it is fascinating!

Colorado’s population now sits just below 6 million people at 5.773 million.  Just 20 years ago it was 4.301 million.

Northern Colorado is booming and now has 688,047 in Larimer and Weld Counties.  It grew by 135,592 people in just ten years.  If Northern Colorado grows at just 2% per year, it will have 838,725 people by 2030 and 1,022,402 by 2040.  

For several years we have been predicting that Northern Colorado would exceed by 1 million people by 2040 and it looks like that will come true.

Metro Denver is also booming.  For reference, we define ‘Metro Denver’ as Adams, Arapahoe, Denver, Douglas, and Jefferson Counties.

Population in Metro Denver is now 2.831 million and was 2.109 million in the year 2000.  It has grown by 722,000 people in 20 years.

If Metro Denver grows at 2% per year, it will hit 3.451 million in 10 years and 4.206 million in 20 years.

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Compound Effect

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If you have driven on I-25 lately you may have noticed that the Front Range is a popular place.

The projections show that it will only get more popular in the future.

Today, 4.8 million people live along the Front Range from Fort Collins down to Pueblo.

In 2030, just 11 short years from now, 5.7 million people will live here. Yes, that’s almost 1 million more than today.

This is all according to the Colorado State Demographers Office.

While this seems like a big increase, keep in mind that this assumes that population growth occurs at a fairly modest 1.7% per year.

It seems that our state will continue to grow and there will continue to be a demand for housing.

 

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